Upcoming Ecopetrol Bonds Get AAA

Colombian oil giant Ecopetrol plans to issue up to COP1trn ($555m) in local bonds. A company spokesman says that terms have not been set yet and that banks have not been selected. However, Fitch has given the notes a local AAA rating. Ecopetrol has indicated it intends to invest about $80bn by 2020, including $6.9bn in 2010 alone. Fitch says the company has a strong liquidity position and that as of June, it had $3.4bn in cash on hand.